\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 570 Hundsun Technologies Inc(600570) )
Key investment points
Event: the company released an annual report. In 2021, the revenue was 5.496 billion yuan, a year-on-year increase of + 31.7%, and the net profit attributable to the parent company was 1.464 billion yuan, a year-on-year increase of + 10.7%, with a weighted average roe 30.5% 11%, year-on-year -1.46pct.
Performance attribution: [retail it] securities brokerage, new generation product UF3 0 realized full-service online, and carried out in-depth cooperation with 7 securities companies such as Huatai and Xingye; In wealth management, more than 50 investment advisory business partners have been added, the bid winning rate of asset allocation system is about 85%, 40 new generation TA have been signed, and progress has been made in trust and banking wealth management schemes. [big asset management it] the promotion of new generation core products such as o45 and valuation 6.0 is smooth; With the process of institutionalization, the market coverage of I2 integrated institutional service platform has increased, and combined with income swap, low delay transaction, algorithm strategy and so on, it provides strong support for institutional service business. [data risk and infrastructure it] the market share of data services and data medium and small businesses increased; In 2021, the company undertook to build the carbon registration and carbon trading system in the carbon market and put it into operation, laying a leading position in the carbon market. [banking and industry it] corporate financial products C9 was released, and more than 10 customers were added in cash management and bill business respectively. [net profit of important subsidiaries] Yunyi network (holding 56.43%) was RMB 60.05 million, year-on-year + 73.5%, accounting for 2.3%; Hengyun holding (holding 96.45%) was RMB 54.28 million, year-on-year + 0.4%, accounting for 3.6%; Hang Seng Yunqing (holding 70%) was RMB 52.66 million, year-on-year + 20.2%, accounting for 2.5%; ant Fund (holding 24.1%) was RMB 504 million, year-on-year + 410.4%, accounting for 8.3%.
The prosperity of the industry continues and leading manufacturers benefit: policies guide financial institutions to strengthen information construction, the central bank’s financial technology development plan (20222025), and the China Banking and Insurance Regulatory Commission and the China Securities Regulatory Commission have also issued financial technology development plans for banking, insurance, securities, futures and other industries. In 2021, the merger of Shenzhen main board and small and medium-sized board, the establishment of Beijing stock exchange, the launch of REITs products and the development of investment consulting business contributed to the performance increment of the company. Looking forward to the future, although the comprehensive registration system is late, it investment in China’s financial institutions has increased, and the company will continue to benefit as a financial it leader.
Investment suggestion: the company’s annual net profit slightly exceeded the expectation. Based on this, we slightly raised the profit forecast from 2022 to 24. The company’s current PS (TTM) is 13.76x, which is in the undervalued range of nearly 5 years, maintaining the “Buy-A” rating.
Risk tip: the IT expenditure of financial institutions is lower than expected, the fluctuation of capital market is intensified, the competition of financial IT industry is intensified, etc.
